Zanzibar hosts conference on mobile financial services

Microfinance Focus, March 1, 2012: The Bank of Tanzania, Central Bank of Kenya and Alliance for financial inclusion are hosting a two-day international conference on African Mobile Financial Services and Financial inclusion in Zanzibar on March 1-2. The conference is attracting participants from 39 African countries and other international organizations.

This forum will bring together about 100 participants, along with Central Bank governors from Africa, executives from international organizations, local financial institutes, and mobile network operators who are taking over the task to embark on initiatives to use mobile technology and to increase access to financial services.

The increase in the number of mobile phone users in the world has provided an effective delivery channel for providing basic financial services that will be beneficial to unbanked population, particularly in developing countries.

Tanzania has witnessed an expotential increase within a very short span of 3 years in the mobile financial services offered by four mobile network operators- Vodacom, Airtel, Tigo and Zantel which are currently competitors in the market.

This service has benefitted Tanzanians urban and rural dwellers who had not known earlier about this service. This service has gone beyond the borders facilitating domestic and international remittances.

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